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Experts preparing Guyana to receive oil, extractive sector proceeds
Following the inception workshop and the launch of the scoping study for the Extractive Industries Transparency Initiative (EITI) for Guyana in the last quarter of 2014, the Ministry of Natural Resources and the Environment along with the consultancy firm, Moore Stephens International (MSI) has commenced the second round of fieldwork for the project.
Overseas experts are here to continue work to
prepare Guyana to implement transparent systems to receive proceeds from the extractive industries.
A team from the international firm, MSI, is currently in Guyana on a two-week mission to conduct meetings with various stakeholders from public, private and civil society organization. Among the key stakeholders are representatives from the Guyana Gold and Diamond Miners Association, Guyana Women Miners Organization, Guyana Human Rights Association, Ministry of Finance, Guyana Revenue Authority, Audit Office of Guyana, Guyana Geology and Mines Commission, Guyana Gold Board and the Environmental Protection Agency, among others.
EITI, according to the Ministry, is a global standard aimed at improving revenue transparency and accountability in the extractives sector. “EITI was established in 2002 and since then has become a robust yet flexible methodology for monitoring and reconciling company payments and government revenues from oil, gas and mining at the country level.”
According to the Ministry, the implementation of the EITI standard has two main components. There are the disclosure of payments to the government from private companies, and the disclosure of receipts from the government, by means of an Annual Report.
It also includes the constitution of a multi-stakeholder group including representatives from the government, private sector and civil society responsible for overseeing the process and communicate the findings of the EITI Report.
The scoping/feasibility study will help assess challenges and opportunities associated with EITI implementation and determine the scope of the EITI reporting. The study will include critical information about the extractives industry in the country and its importance to the overall economy; its costs; how EITI can be linked to and reinforce other reform efforts and the key stakeholders within government, the private sector and civil society.
It is suppose to also highlight the capacity constraints, in particular with regards to civil society participation and potential sources of funding for EITI implementation.
“The objective of this assignment is to produce a study which will inform the MSG’s discussions regarding the scope and implications of the implementation of the 2013 EITI standard for Guyana’s extractive industries (oil, gas, large and small-scale mining).”
The EITI is important as Guyana has been attracting significant investments in the extractive sectors with interest in oil exploration remaining high.
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